HSBC RedCoin Circulation Climbs to HK$87.75 Million in Nov. 2 Snapshot

HSBC RedCoin had HK$87,752,366.08 in circulation on its Nov. 2 Hong Kong reporting date, about HK$6.94 million more than the amount listed for Oct. 25. Cash reserves totaled HK$88,752,366.08, HK$1 million above circulation. The new snapshot follows the stablecoin’s rollout through PayMe, HSBC’s payments app.

RedCoin’s circulation figure measures tokens in circulation; it does not report how often customers used them to pay. The latest balance follows an earlier Oct. 25 circulation snapshot, which listed HK$80,814,137.65. HSBC expects to publish its first independent reserve report after the fourth quarter of 2026.

HSBC launched the Hong Kong dollar stablecoin through PayMe on Oct. 23. At launch, the bank said more than 3.3 million PayMe users would be able to activate RedCoin wallets in the coming days and send payments to other users or more than 100,000 merchants. The 3.3 million figure describes PayMe’s potential reach, not the number of RedCoin users. Customers can activate a wallet without a minimum balance or opening another account.

At a Hong Kong FinTech Week panel on Nov. 2 in Hong Kong (Nov. 1 ET), HSBC Group CEO Georges Elhedery put RedCoin’s user count at 50,000 since launch. The 50,000-user milestone is separate from the circulation balance.

RedCoin is designed to be redeemable for Hong Kong dollars at HK$1 per token and runs on HSBC’s private, permissioned chain. The Hong Kong Monetary Authority (HKMA) licensed The Hongkong and Shanghai Banking Corporation Limited and Anchorpoint Financial Limited as stablecoin issuers, effective April 10. They were selected from 36 applicants.

Later in 2026, HSBC plans to make RedCoin available in its Hong Kong banking app and enable subscriptions to tokenized investment products. At launch, HSBC Managing Director of Digital Assets and Currencies John O’Neill said, “We will soon add more products, including expanding into wholesale corporate and institutional use cases.”